Enough talking about NFT projects. It’s time to think bigger. It’s time to talk about NFT studios. This is the level Look Labs is thinking on. Over the past several months Look Labs headed up by “Solidity Chad” Green Genie has been aggressively hiring engineers, artists, and staff in order to put together the premiere NFT studio. We’ve seen this approach a couple times before including RTFKT Studios who eventually got bought out by Nike, sending floor prices skyrocketing to 20+. Now Look Labs is looking to build the next NFT monster starting tomorrow (3/12/22) with the launch of 420 Game. If the quality or hype surrounding 420 Game is any indicator of what is to come, then we might be looking at the next big name in digital experiences.
Look Labs isn’t just a project. They’re an entire NFT gaming studio dedicated to building NFT experiences. Taking a look at their first project you can really get a sense of the talent behind this studio. I’ve talked about 420 Games before, since then the floor price has moved from .28 to over .73 ETH. This is a total reflection on the quality of the project being built. This is a P2E experience different than almost any other project before it. Instead of being built on ponzinomics like most before it, they’re building an experience with complex tokenomics and real life value to spend the token on. The UX seems immaculate and the mechanics seem really well thought out. While the game itself seems like the next step forward in the genre, what I find really interesting is the passes you need to enter the ecosystem. They don’t just get you access to 420 Game, they get you access to the entire studio.
In order to play any game Look Labs produces, you need the Green Pass (soon to be called the game key). You’re not just investing in the first project, you’re getting access to every game they produce. A novel idea you really don’t see with any other projects. You’re not just investing in a single idea, you’re investing in the people behind the project. These passes also get you all the NFT’s you need to start enjoying the Looks Lab experiences. I really like this model. I think this is what you’ll start seeing with many “Web 2” businesses moving forward. Access passes that give you access to entire ecosystems involved with the company. A key to the entire business. Instead of investing on a small scale, you get to buy into teams and companies. Next projects from Look Labs have already been announced including End Game, a comic book NFT experience with ever evolving NFT’s. Each pass will get you access to these future projects.
How does this impact your investment strategy? Don’t just look at an NFT project for the short term. Look at the long term and the experiences that can be built around it. Is there a single person releasing 10k cartoon pictures or is it a full team that will release long term experiences around your investment? What does the NFT you’re buying get you? Is it just a picture you’ll get bored of in a year or is it a key to something bigger that will give you returns for months and years to come?
The model Look Labs is building out will be the future of Web 3 business. Legacy companies will start implementing full ecosystem passes that give you access to all their properties. Don’t be surprised to see Disney passes and Marvel passes in the future. NFT’s that get you access to every project they release. It’s a model already successfully proven out by RTFKT, and now will be brought to the next level with a studio specifically focused on NFT gaming experiences. NFT projects can no longer just be one off PFP projects. They need to be something bigger. They need to be entire ecosystems that you get to experience. This is how you build out dedicated communities and immersive experiences. If 2021 was about the PFP, 2022 is about the ecosystem, and Look Labs is leading the way.